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The regulatory news last week was dominated by the recently published operational resilience consultation papers, which our Director of Operational Resilience Andrew Rogan writes about here. However, at the same time the Prudential Regulation Authority (PRA) also published a consultation paper on outsourcing and third-party risk management (?outsourcing paper?), which includes a draft supervisory statement in the appendix.
The timing of these papers is not a coincidence as the outsourcing and third-party risk management paper is intended to be read in conjunction with, and complements, the policy proposals in the operational resilience consultation papers. In addition, it comes just over a month after the publication of the Treasury Committee report on IT failures in the Financial Services Sector.
While less heralded than the operational resilience consultation papers, the outsourcing paper contains some important proposals that pursue the following objectives:
The outsourcing paper is relevant to UK banks, building societies and branches of overseas banks amongst other PRA designated firms and the draft supervisory statement outlines a number of important elements including, but not limited to:
The PRA's expectation is that the final policy from the outsourcing paper will be published in late 2020 with the implementation of the proposals shortly afterwards. UK Finance looks forward to working with members and the authorities to respond to the outsourcing paper prior to the deadline of 3 April 2020.
UK Finance and EY are running a free webinar to discuss the outsourcing paper on Monday 16 December. Join us as we discuss its implications and how this impacts firms. Book your place on the webinar today.
Ian Burgess, Director, Cyber and Third Party Risk, UK Finance
22.04.24
24.04.24
19.04.24
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